MutualFirst Financial, Inc. and MutualBank announced that it intends to re-appoint Richard J. Lashley to the Board of Directors on May 4, 2017, as a result of the receipt of a Management Interlocks Act exemption from the Board of Governors of the Federal Reserve System. On April 19, 2017, Mr. Lashley was re-appointed to the Board of Directors of the Bank as a result of the receipt of a Management Interlocks Act exemption from the Federal Deposit Insurance Corporation. In February, Mr. Lashley resigned his position as a director of the Company and the Bank as a result of the Management Interlocks Act restrictions. Both the Company and the Bank applied for exemptions from the restriction and exemptions were granted to both the Company and the Bank. At the April 19, 2017 Board meeting of the Bank, the number of authorized directors was increased from eleven to twelve as a result of Mr. Lashley's re-appointment. At the May 4, 2017 Board meeting of the Company, MutualFirst intends to increase the authorized number of directors from eleven to twelve as well. It is expected that Mr. Lashley will be appointed to the Audit/Compliance committee of the Board of the Company.